How Realtors Could Save on Commercial Insurance

Below are real life examples of real estate agents saving money. The money that is then reinvested in their small business, helping them provide their services to their communities.

• Wendy is a realtor in Mount Barker. She saved $400 on her business insurance package and professional indemnity coverage when she switched to BizCover.¹

• Bruce sells houses in Brisbane. He saved $115 per month on his business insurance package and professional indemnity policy when he switched to BizCover.²

• Angelo is an agent near Campbelltown. He saved $250 on his business insurance policy when he switched to BizCover.³

If you are a real estate agent and have recently noticed an increase in the price of your insurance policy, you are not alone.

Insurance premiums are on the rise and coverage may have changed for different policies, with some insurers potentially excluding certain types of risk and lowering policy limits.

Like the factors that influence the housing market, the reasons for this are many and complex. From interest rates and inflation to industry cycles, your insurance premiums are subject to market forces.

While a price increase is never nice, especially on such an essential product, it also provides an opportunity to shop around and get a better deal.

BizCover’s commercial insurance comparison site offers multiple quotes from some of Australia’s leading insurers in minutes, without the messy paperwork.

So instead of paying way above the asking price, you can be like Angelo and Wendy and save on your professional insurance by reviewing your policy and making the change.

What risks can be covered by insurance?

Real estate agents often carry a lot of responsibility. Fortunately, there are many types of insurance designed to protect against the risks you face as a real estate agent.

You offer advice on what might be your customer’s most expensive purchase of their life.

If you give the wrong advice and it results in financial loss to your client, you could be held liable.

Professional indemnity (PI) insurance could protect you in situations such as it is designed to meet claims against your business for losses due to actual or suspected negligent acts or omissions in the provision of your professional services or advice.

It could also help cover legal costs associated with responding to or handling claims covered by the policy.

Depending on your state or jurisdiction, IP coverage may also be mandatory for licensed estate agents in Australia. For this reason, it is best to consider checking that you are well covered.

Third Party Liability Insurance* is another essential coverage for real estate agents who interact with clients and the public.

Whether a client accidentally trips on the stairs in your office or you clumsily damage their property, things don’t always go as planned and that’s where liability insurance saves the day.

It is designed to protect you and your realtor in the event that a client, supplier or member of the public is injured or suffers property damage as a result of your negligent business activities.

A Business Insurance* package is another important policy for real estate agents.

It is designed to cover you against a range of risks related to portable equipment, glass and loss of income due to business interruption in specific circumstances.

In addition, coverage is available for liability, tax audit, employment practices and legal liability risks.

It’s not all about the price

While price is important, it’s not the only thing you might consider when considering renewing your business insurance.

A policy may be inexpensive, but it may not reflect all of the current risks you face.

Some insurers could potentially exclude certain types of risks and lower the limits of the policy, which could prevent you from being covered in the event of a claim.

Fortunately, BizCover promotes contestability between insurers, which means that they will compete to offer you the most suitable insurance.

Being a real estate agent is already stressful. Luckily, with BizCover, your business insurance doesn’t have to be.

Visit bizcover.com.au or call us today – no drama!

1- savings made October 2021. 2- savings made in August 2021. 3-Ssavings made in April 2021. This information is for illustrative purposes only and may not reflect prices for your particular business as individual underwriting criteria will apply.*This information is provided for informational purposes only and does not take into account your objectives, financial situation or needs. As with all insurance, coverage will be subject to the terms, conditions and exclusions contained in the wording of the policy. The information on this page is general only and should not be taken as advice. Liability Insurance is a trade name of BizCover